Prices have risen aggressively in the past year – some Portland areas have experienced as much a 15% increase! By looking at those numbers, the housing market may not have recovered as well as we think. Trulia, a well-respected resource for this subject, recently wrote an article about the housing recovery and broke it down into five very important factors:
- Home prices have gone up substantially
- Delinquency and foreclosure rates
- Existing home sales
- New construction starts
- Employment rates for people between the ages 25-34
In addition, Trulia, Zillow and Forbes are all predicting rising interest rates as soon as the year ends. So, what does this mean for you as a buyer? You should get it in gear! Home prices will continue to rise and so are interest rates – the real estate experts are predicting that this won’t last much long.
As a seller, if you don’t like your values now, good things may happen if you wait. However do keep in mind that as interest rates rise, you could potentially lose buyers and as values go up, more and more people will sell their homes. This will increase your competition!For more a more detailed look at these numbers, visit the main article here.
If you have any questions regarding our market or the surrounding area, please feel free to call or email us. Thanks and have a great day!